Parkway Properties completes $47.4M purchase of 525 North Tryon

CHARLOTTE — Parkway Properties said Thursday that it has completed its purchase of the office building at 525 N. Tryon St.

The Orlando, Fla.-based company has bought the 406,000-square-foot tower for $47.4 million, in a deal it said was completed Dec. 6. A joint venture of Gramercy Capital Corp. and an affiliate of Garrison Investment Group sold the building.

According to Parkway, the 19-story, Class A building was built in 1998 and has an attached parking garage. Parkway said the building is 69.8 percent leased, with an average in place gross rent per square foot of $19.61.

The company said the building is expected to generate estimated cash net operating income of 4.7 percent next year.

Parkway bought another uptown Charlotte high-rise building this year, Hearst Tower. It is in talks to buy NASCAR Plaza, also in uptown.